Scrap prices cede more ground in Chicago
Feb 06, 2014 | 05:39 PM
| Sean Davidson
NEW YORK Ferrous scrap prices appear to be losing more ground as the week progresses, with several Midwest steel mills attempting to secure reductions in excess of the $30-per-ton drops achieved earlier in Detroit.
Market participants said sentiment soured after some late trading in Detroit Feb. 6 concluded at prices down as much as $35 per gross ton for smaller volumes of such grades as No. 1 busheling and shredded scrap.
In Chicago and Indiana, market participants said mill buyers have targeted drops of $35 to $40 per ton on No. 1 bundles, No. 1 busheling, shredded, and plate and structural scrap.
Early trades of No. 1 heavy melt in the Chicago and Indiana regions were reported down about $30 per ton, with prices hovering at around $390 per ton.....
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